Australian sub prime mortgage market.

back on topic (huge very drunken yawn) Bluestone have pulled out of all lending in NZ and I understand in Oz too. That leaves Liberty over here as the sole real supporter of non-bank consumers....average rate 13%!

 

13%. Wow, thats high. I remember getting 17% for my money in the bank back in 89. Was at the ANZ in Papakura.

 

Talking to the locals I believe the highest rate went to 21% in about 91. I remember paying 15% in the UK at that time and it hurt. The problem this time around is that all lenders are tightening up which means fewer people can get what they want and the whole market slows down. I'm doing heaps of debt consolidation at the mo and quite often people are no better off because the high rates and high loan to values make it prohibitive. Beginning to seed lots of signs here, boats for sale, holiday homes for sale, luxury cars for sale, inc F-cars and no buyers. I write some stuff for the papers and I think I'm in tomorrows Herald on Sunday....I wonder how they will twist what I said!!!

 

I noticed NOT too long ago there were around 80 Ferraris for sale on Carpoint.com.au, now there are 120 Ferraris for sale on Carpoint.com.au.

 

and still no buyers!

 

100% correct!!

 

There are still quite a few left in Australia, but they're struggling for funding.

 

same all over, UK hit really really hard too. mind you todays paper says things are on the up, so they must be

 

Anyone seen this yet, John Hewson's company

http://www.efc.com.au/

http://www.theaustralian.news.com.au/story/0,25197,23955704-20501,00.html

ASX is down again, 2% at this point, getting close to January's lows again.


M

 

Saw that on the news last night. Thanks for telling me its down another 2%

Purposely didn't log in today.

 

Its on the way.....

From the multi millionaire ex PM and part time pig farmer:

"This is the Recession that Australia had to have"

http://www.youtube.com/watch?v=ms0A0QnHaYs

If the dollar falls, and oil [with the full flow on effect] is up, its game on.

Lets just get it over with and move on, Castello can come back and fix the mess up!

Ciao

M

 

I always wondered how you become a multi millionaire when all you have ever had is a union official's or politician's salary.
He never did reveal that secret.

M

 

I got quite a giggle about this since Hewson had been on 7.30 Report the previous evening as an 'expert economist' opposite the guy from Access Economics!

 

was he still trying to explain the GST to Mike Willisee ??

I liked him but he was all at sea with that one .... didn't he use to drive one of those $80k HOS Ferraris ?

 

$30k, it was a 308GT4.

 

Fixed (for PP)

 

Interesting childhood, apparently.

 

not even for spare parts !!

 

Bentley=mistake
Aston=big mistake
RR=the biggest mistake

 

253 schools.